Gold has rallied more than 2.7% off the monthly lows with price now testing resistance at the October trendline. These are the updated targets and invalidation levels that matter on the XAU/USD charts. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold Daily Price Chart (XAU/USD)

Technical Outlook: In our last Gold Technical Outlook our ‘bottom line’ stated that we were, “looking for evidence / constructive price action to suggest this week’s decline was just a washout with a breach of this near-term formation to offer guidance. From a trading standpoint, I’ll favor fading weakness while above 1203 with near-term bullish invalidation steady at 1201.” Gold rallied into a high at 1229.93